Four Ways Home Sellers Can Respond To A Purchase Offer

Wilmington NC real estateWhen a home is for sale, a homebuyer who wants to purchase the property will submit a purchase offer to the seller. The offer is valid for a specified amount of time.

Sellers can do one of four things with the contract:

1. Accept contract as-is.

The seller agrees to the offered price and terms and signs the contract. Next step is for buyer to proceed to get closed/settled on home (arrange inspections, finalize financing, etc.).

2. Counter contract with different price, terms, conditions.

Most often, sellers may take issue with the price and/or terms or conditions offered. To keep the negotiation going, sellers may counter on any part of the contract. Buyers should be prepared to accept the counteroffer or continue negotiating.

3. Reject contract in its entirety.

It’s possible that the purchase offer is too unrealistic (too low of a price offered, unrealistic terms, etc.) and the seller will choose to not counteroffer. Ensure that there is open communication between the real estate professionals representing each side to resurrect negotiations or submit a new, revised purchase offer based on seller feedback.

4. Let the contract expire.

Very rarely would a motivated seller allow a contract to expire. Again, make sure the lines of communication are clear between the real estate professionals involved if this appears likely.

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